How To Deal With That Headache Rental Property
The idea of investing in rental real estate is very exciting and fills your mind with visions of owning 20 -50 rental properties and retiring on all of the positive cash flow that will be showing up in your mailbox every month all the while holding on to an asset that is increasing in value year over year.
Well that’s the vision some of the real estate gurus will sell you.
The reality is if you ask any seasoned landlord they’ll probably have a completely different take on the “easy mailbox money” you’ll get from your rental empire.
If your reading this article you may have already figured that out…Being a landlord is not quite like the gurus sell you…
Owning rental property can be a major headache for some people, especially if you are an out of state tired landlord.
You may realize that owning rental real estate is expensive, not only to buy but to maintain. Good tenants are hard to find and keep in your property. You might of had the experience of fixing up you’re rental property and getting it ready to put a great tenant in. The place is looking great and you know your going to get only the best tenants. You fill your vacancy with what you think is a top quality tenant only to find out the rent checks keep getting later and later each month. But the repair calls are happening more and more each month.
Month after month your “perfect tenants” always have a new excuse why the rent check is late. Now you find yourself spending your nights and weekends trying to track them down to get paid. After a few weeks you still can’t catch up with them so you decide to go see what’s going on with the property. Upon inspection you find the tenants are long gone and your rental property that you put your time and money into to get ready is trashed!
Believe me if you’re facing this situation you’re not the only one. This is a common occurrence in the land lording business.
The Costs Add Up Quickly
When you sit back and take the time to figure everything out between the repairs, capital improvements, taxes insurance and vacancy there really isn’t too much positive cash flow in your rental investment. Not to mention the stress and anxiety that comes with not knowing if you’re going to get paid each month. You’re probably thinking how can I get rid of this headache rental property I have in Jacksonville FL.
Well, you could stick it out…
You could keep repeating the tenant cycle and go ahead and make all of the repairs necessary to get it rent ready for the next tenant. Keep in mind that the amount it is going to cost you to get it ready again after the last tenant trashed the place, plus the time it will be vacant will kill any positive cash flow you were supposed to have for the next couple of years. This process can repeat itself over and over again each time your HOPING that the next tenant will be better than the last and treat your property with respect
This is an option if you have the intestinal fortitude to stick it out year after year, tenant after tenant. I see this option being repeated over and over again in the Jacksonville Fl rental market. You have to really decide if this is the way you want to live. Under a constant state of stress and anxiety not knowing if the next rent check will arrive on time or if the tenants are slowly destroying your property month after month. Oh yea, don’t forget those great night and weekend repair calls that make you cringe when you see the tenants phone number.
Or, You can unload your problem rental property in today’s market.
Many rental property owners are finally realizing that being a landlord is way more difficult and frustrating than the late night gurus make it out to be. There finding out the hard way that owning rental property is no better that having another full time job. Except this full time job doesn’t pay you on time (or at all) but consumes large amounts of your time and peace of mind.
Recently we’ve been purchasing a lot of houses from people that own rental properties in Jacksonville. All of the pieces are in place to make this a perfect time to sell that problem rental especially if you are an out of state landlord.
The real estate market in Jacksonville is strong so it makes it the perfect time to sell your property.
You may lose that perceived “positive cash flow” that you’re supposed to get every month…but you know the truth. There is no positive cash flow at the end of the month with all of the surprise bills that seem to come up every month.
But what you will get is the peace of mind of knowing that you are not going to have to deal with problem tenants, late night phone calls and how your going ot make the mortgage payment when the property goes vacant again. You can get your life back and do the thing you enjoy doing like spending time with your family and friends
If you’ve decided that your finally done dealing with problem tenants and you want to rid yourself of your rental property in Jacksonville the good news is there are reputable home buying companies like Blonde Girl Homebuyers right here in Jacksonville that can help you sell your rental property quickly.
WE can even buy the property with the problem tenants in place so you can be done with them once and for all. We’ll take care everything once we come to an agreement. This works great in situations where you may have a freeloading family member in the property and are wondering if you can sell your property with the tenants in place. We understand that you don’t want to deal with them; don’t worry we’ll take care of it.
Rental properties can be a good investment over the long term but what most new landlords don’t realize is that it really is like owning a business and need to be treated that way. Even then there are still going to be problems when the wrong tenant slips through the screening process. This can lead to a stressful, money losing situation that may take a few years to recover from. This is a very common situation many landlords face month after month.
So if you find yourself in a similar situation or you just want to cash out of your rental properties and get your life back there is a solution.
We have bought many rental properties over the past 6 months from frustrated landlords and are always looking to buy more in the Jacksonville area. If you’re ready to get a fair cash offer on your rental property give us a call today for a no obligation quote.
Blonde Girl Homebuyers
3948 3rd St S # 134
Jacksonville Beach FL 32250-5847
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